Leptos losses surge in 2004

Leptos Calypso Hotels (LCH) saw its losses surge to CYP 2.5 mln in 2004 from CYP 979.000 in 2003, mostly due to the operation of its new luxurious Thalassa hotel in Paphos.

Total turnover was up 3.4% to CYP 13.03 mln in 2004 from CYP 12.6 mln in 2003, with the increase coming from the operation of the Thalassa from August 2004 as well as from the operation of the Paphos Gardens Hotel and Basilica Holiday Apartments. On the other hand, turnover was negatively affected from a steep decline in bookings at the Panorama Hotel in Crete.

Operating losses surged to CY 1.22 mln from profits of CYP 207.000 in 2003 due mostly from higher expenses concenred with the operation of the Thalassa in Paphos and higher losses from the Panorama.

Finance expenses were also sharply higher to CYP 1.87 mln from CYP 1.03 mln, and include exchange losses of CYP 83.000 compared to exchange gains of CYP 227.000 in 2003.

Net losses thus surged to CYP 2.478.544 in 2004 from CYP 978.849 losses in 2003, with losses per share surging to 2.35 cent from 0.85 cent a year earlier.